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The new employment agreements for Messrs. O'Connor and Holmes are consistent with the company's executive compensation philosophy, which is designed to retain and motivate executives to increase stockholder value on both an annual and long-term basis, particularly as the company continues to integrate the acquired Allied Waste operations. The compensation committee of the Republic Services board of directors, which engaged outside compensation consultants to assist in its analysis, believes that the proposed new employment agreements effectively align Messrs. O'Connor's and Holmes' interests with the long-term interests of the company's stockholders.
The new agreements are subject to, and will become effective on, approval by the company's stockholders of the Executive Incentive Plan at the annual meeting, as proposed in the proxy statement. Additional details of the company's executive compensation plans can be found on the company's website or in its filings with the Securities and Exchange Commission.
About Republic Services, Inc.
Republic Services, Inc. has been building on success since its inception in 1998, becoming an industry-leading provider of waste and environmental services. The company provides trash collection services to commercial, industrial, municipal and residential customers in 40 states and Puerto Rico through its 400 collection companies. Republic Services owns or operates 242 transfer stations, 213 solid waste landfills and 78 recycling facilities. The company is headquartered in Phoenix, Arizona and has approximately 34,000 employees. For more information, visit the Republic Services web site at www.republicservices.com.
SOURCE: Republic Services, Inc.
Republic Services, Inc. Media: Will Flower, 480-718-6565 or Investors: Ed Lang, 480-627-7128
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